{"id":741,"date":"2025-04-24T23:32:46","date_gmt":"2025-04-24T23:32:46","guid":{"rendered":"http:\/\/www.chuckwardrealestate.com\/?p=741"},"modified":"2025-09-22T12:10:06","modified_gmt":"2025-09-22T12:10:06","slug":"golden-could-be-more-seller-than-buyer-says-analyst","status":"publish","type":"post","link":"http:\/\/www.chuckwardrealestate.com\/index.php\/2025\/04\/24\/golden-could-be-more-seller-than-buyer-says-analyst\/","title":{"rendered":"Golden Could Be More Seller Than Buyer, Says Analyst"},"content":{"rendered":"<ul>\n<li><strong>Analyst speculates Strat operator could eventually sell itself<\/strong><\/li>\n<li><strong>Says Golden could be appealing target for multiple suitors<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p>Acknowledging that it\u2019s just speculation, an analyst said Golden Entertainment (NASDAQ: GDEN) could eventually consider selling itself.<\/p>\n<figure id=\"attachment_262762\" aria-describedby=\"caption-attachment-262762\" data-style=\"width: 1200px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" class=\"wp-image-262762 lazyload\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" alt=\"Golden Entertainment\" width=\"1200\" height=\"672\" data-src=\"http:\/\/www.chuckwardrealestate.com\/wp-content\/uploads\/2025\/04\/strat-1.jpg\"><figcaption>Golden Entertainment&#8217;s Strat Las Vegas. An analyst said the operator could eventually consider selling itself. (Image: YouTube)<\/figcaption><\/figure>\n<p>In a new report, Texas Capital Securities analyst David Bain said that over the long-term, the Strat operator may eschew boosting the size of its portfolio in favor of a sale. The company hasn\u2019t said it\u2019s interested in traversing that path, but if it does, Bain believes multiple bidders would emerge.<\/p>\n<blockquote class=\"main-blockquote\">\n<p>GDEN\u2019s future may not include long-term \u2018empire building,\u2019 but rather clinically maximizing shareholder value in a sale of the company,\u201d observes the analyst. \u201cWhile purely speculative, GDEN\u2019s portfolio offers multiple strategic opportunities for several potential buyers, in our view, and mergers and acquisitions multiples suggest significant share price upside.\u201d<\/p>\n<\/blockquote>\n<p>Following <a href=\"https:\/\/www.casino.org\/news\/golden-entertainment-selling-rocky-gap-casino-for-260-million\/\">its $260 million sale<\/a> of the Rocky Gap Casino Resort in Flintstone, Md. and the divestment of its distributed gaming operations in 2023, Golden is entirely focused on operating Nevada casinos in Las Vegas, Laughlin, and Pahrump. Its big footprint in Clark County, Nevada, which is growing 3.8x faster than the national average, according to Bain, <a href=\"https:\/\/www.casino.org\/news\/golden-entertainment-stock-heralded-as-nevada-pure-play\/\">could make the operator<\/a> an appealing target.<\/p>\n<h2>Golden Previously Expressed Choosiness About Acquisitions<\/h2>\n<p>While Golden hasn\u2019t publicly stated it would consider an outright sale of the company, management has made clear they\u2019ll be selective regarding potential acquisitions.<\/p>\n<p>\u201cGDEN reviews potential strategic acquisitions, though currently favors continuing\/augmenting return of capital policies given its view its own equity is underappreciated combined with elevated seller valuation expectations, in our view,\u201d adds Bain.<\/p>\n<div class=\"callout\">\n<p>That thesis jibes with comments made by Golden management earlier this year. On a conference call with analysts following the release of fourth-quarter results, <a href=\"https:\/\/www.casino.org\/news\/golden-entertainment-to-be-selective-on-acquisitions\/\">Golden CFO Charles Protell<\/a> said the company probably wouldn\u2019t consider deals where it has to build new gaming venues from the ground up nor it would be a likely buyer of individual assets.<\/p>\n<\/div>\n<p><strong>That implies that if Golden does go shopping, it be for multiple gaming venues in one transaction or another company, but management hasn\u2019t signaled that either scenario is likely over the near-term.<\/strong><\/p>\n<h2>Golden Real Estate in Focus<\/h2>\n<p>If there\u2019s one rumor pertaining to Golden Entertainment that could have some traction, it\u2019s the possibility of the operator selling some or all of <a href=\"https:\/\/www.casino.org\/news\/golden-entertainment-hints-at-real-estate-sales\/\">its real estate<\/a> as a way of unlocking shareholder value. The company has acknowledged that\u2019s under consideration.<\/p>\n<p>In terms of property value, <a href=\"https:\/\/www.casino.org\/news\/strat-could-be-mirage-closing-winner-says-analyst\/\">The Strat is<\/a> the crown jewel in the Golden portfolio. Located near the Las Vegas Strip, that venue could fetch a significant percentage of Golden\u2019s $686.79 million market capitalization in a potential sale. Bain said sale-leasebacks could drive upside for the operator\u2019s share price.<\/p>\n<p><strong>\u201cGDEN owns its operational real estate and over 60 acres of excess land, including 9 Strip acres. In a sale leaseback transaction, we calculate land value exceeds $33 per share and earnings before interest, taxes, depreciation, and amortization (EBITDA) from operations would be worth another $8 per share,\u201d concludes the analyst. \u201cAt no cost to GDEN, it could also partner with developers to generate unmodeled direct and indirect revenue on its excess land.\u201d<\/strong><\/p>\n<p>The post <a href=\"https:\/\/www.casino.org\/news\/golden-could-be-more-seller-than-buyer-says-analyst\/\">Golden Could Be More Seller Than Buyer, Says Analyst<\/a> appeared first on <a href=\"https:\/\/www.casino.org\/news\">Casino.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analyst speculates Strat operator could eventually sell itself Says Golden could be appealing target for multiple suitors Acknowledging that it\u2019s just speculation, an analyst said Golden Entertainment (NASDAQ: GDEN) could eventually consider selling itself. Golden Entertainment&#8217;s Strat Las Vegas. An analyst said the operator could eventually consider selling itself. (Image: YouTube) In a new report, Texas Capital Securities analyst David [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":743,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[],"_links":{"self":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/741"}],"collection":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/comments?post=741"}],"version-history":[{"count":2,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/741\/revisions"}],"predecessor-version":[{"id":744,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/posts\/741\/revisions\/744"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media\/743"}],"wp:attachment":[{"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/media?parent=741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/categories?post=741"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.chuckwardrealestate.com\/index.php\/wp-json\/wp\/v2\/tags?post=741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}